Group 1 - The company holds a total of 15% of the issued share capital of SM Minerals and has entered into a share purchase agreement to acquire an additional 6.47 million shares, representing 55% of SM Minerals' issued share capital, for a purchase price of $89 million, which will increase its total holding to 70% upon completion of the transaction [1] - The Bokala project consists of the Bokala North mining rights and Bokala South exploration rights, covering a total area of 34.3 square kilometers in Kazakhstan's Aktobe province, granting exclusive rights to explore and mine copper resources within the licensed area [1] Group 2 - The Bokala North mining area has an ore resource of 384 million tons, containing 1.58 million tons of copper with an average grade of 0.41%, of which 940,000 tons are classified as proven and controlled, accounting for approximately 60% [2] - The project is expected to have an open-pit mining capacity of 14 million tons per year, with a target annual production of copper concentrate containing approximately 45,000 tons of copper [2] - The acquisition is seen as a strategic foothold for the company in the Central Asian region, providing new development potential for future resource exploration and expansion [2]

Group 1 - The company holds a total of 15% of the issued share capital of SM Minerals and has entered into a share purchase agreement to acquire an additional 55% for $89 million, which will increase its total holding to 70% upon completion [1] - The Bokala project consists of the Bokala North mining rights and Bokala South exploration rights, covering a total area of 34.3 square kilometers in Kazakhstan's Aktobe province, granting exclusive rights to explore and mine copper resources [1] Group 2 - The Bokala North mining area has an ore resource of 384 million tons, containing 1.58 million tons of copper with an average grade of 0.41%, and 940,000 tons of proven and controlled copper, accounting for approximately 60% [2] - The project is expected to have an annual processing capacity of 14 million tons of ore, with a target production of approximately 45,000 tons of copper concentrate per year upon reaching full capacity [2] - The acquisition is seen as a strategic foothold for the company in the Central Asian region, providing new development potential for future resource exploration and expansion [2]

Group 1 - The company holds 15% of the issued share capital of SM Minerals and has entered into a share purchase agreement to acquire an additional 64,706 shares, which represents 55% of SM Minerals' issued share capital, for a purchase price of $89 million [1] - Upon completion of the share purchase agreement, the company will own a total of 70% of SM Minerals' issued share capital [1] - SM Minerals is registered in Kazakhstan and primarily engaged in copper mining and enrichment, with the Bokhara project covering a total area of 34.3 square kilometers in the Aktobe province [1] Group 2 - The Bokhara North mining area has an ore resource of 384 million tons, containing 1.58 million tons of copper with an average grade of 0.41%, and 94,000 tons of proven and controlled copper, accounting for approximately 60% [1] - The project also has an average grade of 0.1 g/t for associated gold, although the qualified report has not yet accounted for the associated gold resource due to historical assay delays [1] - The company has completed fieldwork for additional exploration since July 2025, and further updates on copper metal resources and associated gold are expected after resource estimation [2] Group 3 - The preliminary expected construction scale of the project is an open-pit mining processing capacity of 14 million tons per year, with an annual production of copper concentrate containing approximately 45,000 tons of copper [2] - The Bokhara South deposit is still in the early stages, with only inferred resources confirmed at this time [2] - This acquisition is seen as a key strategic foothold for the company in the Central Asia region, injecting new development potential for future resource development [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並表明概不就因本公告全部或任何部分 內容而產生或因依賴該等內容而引致的任何損失承擔任何責任。 China Nonferrous Mining Corporation Limited 中國有色礦業有限公司 （根據公司條例於香港註冊成立的有限公司） （股份代號：01258） 內幕信息公告 — 進一步收購哈薩克斯坦SM MINERALS若干已發行股本 本公告乃本公司根據上市規則第13.09(2)條及證券及期貨條例第XIVA部項下之內 幕消息條文（定義見上市規則）而作出。 茲提述該公告，內容有關初步協議及認講協議。除另有界定者，本公告所用詞彙 與該公告所用者具有相同涵義。 一、交易最新資料 於本公告日期，本公司合共計持有SM Minerals已發行股本的15%。 於2025年12月19日，本公司與原股東就轉讓64,706股SM Minerals股份（佔SM Minerals已發行股本55%）訂立股權購買協議，購買價為89,000,000美元。 股權購買協議簽署並完成交割後，本公司將合計持有SM Mineral ...

本文源自：金融界AI电报 铜业股集体上涨，其中，五矿资源、江西铜业股份涨近2%，中国大冶有色金属涨超1%，中国黄金国 际、中国有色矿业跟涨。 ...

Group 1 - Copper stocks collectively rose, with Minmetals Resources and Jiangxi Copper both increasing by nearly 2%, China Daye Nonferrous Metals up over 1%, and China Gold International and China Nonferrous Mining also following suit [1] - Recent London copper futures have reached new highs and are currently hovering at elevated levels [1] - Goldman Sachs raised its forecast for copper prices in 2026, increasing the average price prediction from $10,650 per ton to $11,400 per ton, citing ongoing risks of U.S. tariffs on copper imports which will continue to support copper prices [1] Group 2 - Morgan Stanley predicts a copper supply shortfall of 260,000 tons in 2025, which is expected to further expand to 600,000 tons in 2026, indicating minimal capacity to absorb supply disruptions [1]

Core Viewpoint - The Hong Kong Stock Connect Central State-Owned Enterprises Dividend ETF (159266) experienced significant net redemptions, indicating a trend of outflow in the cross-border ETF market [1][2] Group 1: Fund Performance - On December 12, the ETF faced net redemptions of 2.0134 million yuan, ranking 19th out of 200 in terms of cross-border ETF net outflows [1] - The latest fund size is 685 million yuan, up from 682 million yuan the previous day, with a net outflow representing 0.30% of the previous day's size [1] - Over the past 5 days, the ETF saw net redemptions totaling 3.0162 million yuan, ranking 27th out of 200 [1] - In the last 10 days, net redemptions reached 23.5849 million yuan, ranking 14th out of 200 [1] - Over the past 20 days, the total net redemptions amounted to 31.8381 million yuan, ranking 17th out of 200 [1] Group 2: Fund Management and Holdings - The fund is managed by Liu Tingyu and Cai Leping, with Liu managing since July 23, 2025, achieving a return of 1.19%, while Cai has managed since November 5, 2025, with a return of -1.59% [2] - The ETF's top holdings include COSCO Shipping Holdings (6.08%), China Nonferrous Mining (3.25%), and China National Offshore Oil Corporation (2.54%), among others, with significant positions in various state-owned enterprises [2] - The fund's management fee is 0.50% annually, and the custody fee is 0.10% annually [1] Group 3: Market Comparison - The ETF is part of a group of funds tracking the Central State-Owned Enterprises Dividend Index, which includes other ETFs such as Huaxia and Wanji [2] - As of December 12, the fund's size is 685 million yuan, with a recent average daily trading volume of 15.0941 million yuan over the last 20 trading days [2] - The fund's recent net subscription figures indicate a trend of outflows, with a net subscription of -0.02 billion yuan over the past month [2]

Group 1 - The core viewpoint is that European copper mining stocks are poised for their best annual performance since 2016, driven by rising U.S. copper futures prices and the potential for continued growth in 2026 [1] - Citigroup analysts favor Glencore Plc as their top stock pick for 2026, expecting a 15% increase in the stock price over the next 12 months due to the company's efforts to boost copper production [1] - Oddo BHF highlights Rio Tinto Group's attractive development roadmap in copper, particularly with the ramp-up of its Simandou project in Guinea, which is expected to enhance iron ore production [1] Group 2 - Oddo mining analyst Maxime Kogge maintains a bullish outlook on mining stocks for next year, emphasizing that a significant slowdown in the Asian economy could negatively impact market sentiment [2] - Citic Construction's report indicates that gold and silver performed strongly last week, while other risk assets were weaker, with precious metals expected to dominate the market in 2025 [2] - The report outlines three phases for precious metals in 2025, influenced by factors such as tariffs and Federal Reserve policies, suggesting that copper will be the next major commodity to watch after gold and silver [2] Group 3 - Key copper mining stocks in the Hong Kong market include Luoyang Molybdenum (03993), Zijin Mining (02899), Minmetals Resources (01208), Jiangxi Copper (00358), China Nonferrous Mining (01258), and China Metallurgical Group (01618) [3] - Key players in the copper-clad board sector include Kingboard Laminates (01888) and Kingboard Chemical Holdings (00148) [3]

Investment Rating - The report maintains a "Buy" rating for several companies in the non-ferrous metals sector, including Shandong Gold, Zijin Mining, and others [3][6]. Core Views - The report highlights that the Federal Reserve's interest rate cut and balance sheet expansion are favorable for precious metals, with expectations of further rate cuts in 2026 [1][35]. - For industrial metals, the report notes that copper inventories are increasing in the U.S., while non-U.S. regions face supply tightness, which could lead to a short squeeze [2]. - The aluminum market is supported by positive macroeconomic policies and low inventory levels, leading to a strong price floor [2]. - Nickel prices are expected to remain low due to seasonal demand weakness [2]. - Lithium prices are experiencing fluctuations due to supply disruptions, while cobalt supply is set to increase with the resumption of exports from the Democratic Republic of Congo [2]. Summary by Sections Precious Metals - The Federal Reserve's recent actions are expected to boost liquidity and support precious metal prices [1][35]. - The market anticipates two rate cuts in 2026, which could influence precious metal investments positively [1][35]. Industrial Metals - **Copper**: U.S. copper inventories are rising, while low inventories in non-U.S. regions raise concerns about supply [2]. - **Aluminum**: The aluminum market is experiencing a strong price support due to positive economic data and low inventory levels [2]. - **Nickel**: Nickel prices are projected to remain low as demand enters a seasonal downturn [2]. Energy Metals - **Lithium**: Prices are fluctuating due to supply disruptions, with recent increases in lithium carbonate prices [2]. - **Cobalt**: The resumption of cobalt exports from the Democratic Republic of Congo is expected to stabilize supply and maintain high price levels [2]. Key Companies to Watch - The report suggests monitoring companies such as Shandong Gold, Zijin Mining, and others for potential investment opportunities [1][2][6].

Core Viewpoint - The Wanjiac Zhongzheng Hong Kong Stock Connect Central State-Owned Enterprise Dividend ETF (159333) has shown a positive performance with a year-to-date return of 45.84% under the management of Yang Kun since its inception on August 21, 2024 [2] Fund Overview - The fund was established on August 21, 2024, with a management fee of 0.50% and a custody fee of 0.10% [1] - As of December 11, 2024, the fund's total shares stood at 390 million, with a total size of 558 million yuan [1] - The fund's performance benchmark is the China Securities Hong Kong Stock Connect Central State-Owned Enterprise Dividend Index return (adjusted for valuation exchange rate) [1] Performance Metrics - The fund's shares decreased by 9.51% from 431 million shares at the end of 2024 to 390 million shares, while the total size increased by 8.70% from 514 million yuan to 558 million yuan [1] - Over the last 20 trading days, the cumulative trading amount reached 363 million yuan, with an average daily trading amount of 18.15 million yuan [1] - Year-to-date, the cumulative trading amount for 230 trading days was 8.424 billion yuan, with an average daily trading amount of 36.63 million yuan [1] Top Holdings - The ETF's top holdings include: - COSCO Shipping Holdings (6.02% of holdings) - China Nonferrous Mining (3.22%) - China Ocean Shipping (3.00%) - Orient Overseas International (2.95%) - CITIC Bank (2.67%) - China Petroleum (2.63%) - China Shenhua Energy (2.57%) - People's Insurance Group of China (2.55%) - CNOOC (2.51%) - Agricultural Bank of China (2.27%) [2]